A credit card allows you to make utility payments or purchase a product even if you don’t have the cash for it at that time. It is a financial instrument which allows you to fulfil your needs on time without having to worry about the funds. If used wisely and within limits, it is a great product to have.
It is no wonder then that the usage of various types of credit cards has witnessed a steep increase in the country. The Indian e-commerce market is also going to be worth USD 100 billion by the year 2020, and credit cards are already being widely used for making payments for online shopping. Issuers have flooded the market with numerous credit cards and the Indian consumer is spoilt for choice when it comes to applying for a credit card.
With so many options available, it can be a daunting task to find the credit card that is just right for you. A lot also depends on what purpose the card will serve. Here are the most common ones:
For the shopper
There are cards out there which are specifically designed for those who prefer shopping with their credit card. There are two things which need to be kept in mind before opting for such a card: the cash back policy and other offers. Credit card companies also tie-up with retailers, both online and offline, in order to provide better discounts to the customer, which in turn make for even higher savings.
For those fond of travelling
People who usually spend a lot of time travelling, either for business or pleasure can find some great deals if they use the right credit card. Credit cards which are under the Platinum category usually meet the requirement here. The reward miles accumulated from the frequent trips that one takes can be redeemed for great benefits such as complimentary stay, free plane tickets and even upgrades.
There are credit cards that have partnerships with some airlines or hotel chains. These offer even more benefits such as bonus points and free checked baggage.
For the road warriors
If you’re one of those who commutes a lot by road, there’s a high probability that you’ll be racking up huge fuel bills. A fuel credit card is designed just for you. With the fuel prices reaching all-time highs, the waiver of fuel surcharge will be much appreciated by customers.
Fuel credit cards come either with the Titanium or Gold tag. Meet the stipulated spend requirement, and you might even land an offer that entitles you to a few litres of free fuel.
For the business owners
Business credit cards come with all the rewards that are associated with a traditional credit card, such as airline rewards, low-interest rates and cashback programs. Not only that, but they also come with additional perks that are specific to the business world such as business expenses kept separate from personal expenses and additional cards for employees.
Credit cards can bring great value to the owner if used smartly. For example, the Bajaj Finserv RBL Bank SuperCard is a credit card that gives exciting rewards to the user. It comes with many benefits such as complimentary lounge access, reward points on normal spends and fuel surcharge waiver every month.